According to the Dr's rather fab book on London's various statues,
"The Fleet Air Arm is that part of the Air Force that operates from aircraft carriers. During the Second World War it became the most important and effective part of the Royal Navy. This monument commemorates those who gave their lives in service of the Fleet Air Arm."
Andrew Kershman, London's Monuments, p. 150.The statue is about halfway between Westminister and Hungerford Bridges, and if the dead man looked up he'd see right in front of him the Royal Air Force Memorial (1923) - the stone column with a sparkly bronze eagle on top of it, which is where the Doctor parked his TARDIS in "Rose".